International Report

The FTSEurofirst 300 closed up 1.1% at 1,007.51 points. The Dow Jones industrial average climbed up 0.04%, to close at 10,325.26. The Standard & Poor’s 500 Index added 0.14%, to close at 1,104.49. The Nasdaq Composite Index added 0.18%, to close at 2,238.26. The Nikkei jumped 46.03 points to close at 10,172.06. The Topix rose 0.5% to 898.93.

It is believed that Euro zone leaders could offer a €30bn (£27bn) bailout package to Greece in exchange for a harsher set of austerity measures from the troubled country. It is believed that Germany and France are finalising a plan that will mean the state-owned banks buy Greek gilts. German government-owned KfW and French government-owned Caisse des Depots are expected to purchase around half of the €30bn bond issue, with the other half going to private euro debt investors. Tomorrow, the Reserve Bank of Australia (RBA) will have to decide between keeping rates at 3.75% or hiking the rate by 25 basis points. Last month the RBA left rates unchanged.  Since February data has also been mixed, the jobless rate dropped to 5.3 per cent from 5.5 per cent – while December building approvals rose 2.2%.

Due for release today is the GBP Manufacturing PMI, CAD GDP m/m, USD ISM Manufacturing PMI, AUD Building Approvals m/m, AUD Retail Sales m/m, AUD Cash Rate and AUD RBA Rate Statement.

 by Greg Secker

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